(Bloomberg) -- Blackstone Group Inc. plans to open an office in the Miami area and hire about 215 workers as South Florida lures more finance and investment firms.
The location will mostly house back-office technology employees. Investment professionals won't be based there, for now.
Read more: Hedge Funds Head for Florida With Taxes on Rich Rising Elsewhere
South Florida has been actively recruiting firms including hedge funds, some of which are attracted to the state's zero income tax. While Miami-Dade isn't cheap by Florida standards, it can be a bargain compared to New York.
“Miami is a vibrant market with a pipeline of top talent from best-in-class technology programs and a large technology footprint,” Jennifer Friedman, a spokeswoman for Blackstone, said in a statement. The office “will enable us to diversify our talent pool and grow our technology team.”
The Miami-Dade Board of County Commissioners on Thursday approved a resolution related to $650,000 in incentive funds to bring an unnamed investment firm to the area. Workers at the office will make an average of $200,000 a year, according to the meeting agenda.
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